Estate Executor's Duties During the Probate Process

Reads Your Will

Expedites your burial instructions.  Organizes family and other interested parties confers with your attorney who drew the Will and persons familiar with your financial affairs.

Safeguards Your Assets

 ~ Looks to insurance and protection of both real and personal property. Secures knowledge of your business interests. Examines all your books and files. Gives notice of your death to banks, safe-deposit companies, and others.

Petitions the Court for Probate of your Will

 ~ Obtains proof of heirship. Locates witnesses. Through attorney for estate, petitions for probate of Will and, from time to time, applies for all necessary court orders in administration of estate. At appointment as executor, files oath of office.

Assembles and Inventories All of Your Assets

 ~ Collects life insurance policies. Secures tax waivers and collects all cash.  Inventories and appraises household goods and effects, removing valuables to vault.  Presses all claims for amounts due. Locates evidence and witnesses on contested claims. Arranges proper supervision and management for your going business interests. Obtains custody of securities. Collects all interest and dividends. Inspects condition, leases, taxes, and mortgages of real estate, and arranges for management.

Procures Appraisal of all your Assets

 ~ Gathers complete and satisfactory evidence of the value of all assets at the date of your death.

Administers Your Estate (governed by Will, your estate’s requirements, and local probate law)

 ~ Studies valuable collections. Determines method and time of sale for articles not bequeathed. Makes a careful estimate of amount of cash needed to pay taxes, legacies, and expenses of administration and of probable net estate distribution.

 ~ Studies your business interests and determines policy of continuance, liquidation, or sale with due regard to expressions in your Will. Carries out or adjusts incomplete contracts.

 ~ Reviews market conditions for each security to decide which should be sold first, if necessary to meet taxes, expenses claims, and specific bequests. Investigates all real estate from standpoint of earnings, market, and desirability in case sale is required.

Makes All Your Tax Returns--An intricate and involved procedure in which particular forms of information and return must be prepared and filed with each taxing body.

 ~ Pays your income taxes. Attends to income tax for part of year prior to your death.  Files returns and pays tax for part of year after your death. Makes careful survey of all possible tax claims to see that no further liability exists upon review by the government.

 ~ Pays your inheritance and estate taxes. Arranges for necessary proceedings to release securities or property located in other states. Ascertains and pays inheritance tax in state of residence, obtains waivers for transfer of securities. Files preliminary
notice, prepares return, and pays both state inheritance and federal estate tax.

Settles All Proper Claims--Publishes notice to creditors.

 ~ Obtains all available evidence regarding propriety of each claim filed, resists all improper claims; pays out of estate funds all approved and allowed claims.

Distributes Your Probate Estate--Prepares data for final account, showing in detail all receipts and disbursements.

 ~ Notifies interested persons of hearing on account, after settlement of account by court. Distributes remaining property as directed by court.

Obtains Final Discharge

 ~ After final payment and distribution to legatees and devisees, secures final discharge as executor.

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